The NY Green Bank is now open

New York Green Bank this week began to accept financing proposals from eligible candidates aimed to fund and accelerate renewable energy projects through the private market, Gov. Andrew Cuomo announced.

The $1 billion initiative was announced at Cuomo’s State of the State address Jan. 8 to provide credit enhancements and loans to private market financers for more clean energy projects in New York, Gannett’s Ashley Hupfl reported.

“The NY Green Bank will the catalyst for significantly accelerating the flow of private capital to energy efficiency and renewable energy projects and will send a message to the financial markets that expanding our clean energy economy is a priority for New York State,” Cuomo said in a statement.

Proposed projects may include solar, wind, and other renewable energy technologies. It can also include residential and commercial energy efficiency measures, electricity load reduction and on-site clean generation.

The initiative seeks proposals from energy service companies, developers, equipment manufacturers and others that provide services related to renewable energy or energy efficiency projects. Financial institutions and third-party capital providers that are financing or want to begin financing such projects may also submit proposals.

“We are excited to start engaging the market and finding innovative ways to bring more attractive clean-energy investments within reach of the private sector,” Alfred Griffin, president of NY Green Bank, said in a statement.

“This announcement underscores Governor Cuomo’s commitment to establishing public-private partnerships that can expand clean-energy markets, drive scale and deployment of commercially proven technologies, and enable investors and businesses to take advantage of attractive clean-energy project opportunities across the state.”

Last December, Cuomo announced $210 million for the initial capitalization for the NY Green Bank, as well as $165 million redirected from other clean-energy programs by the state Public Service Commission and $45 million from the Regional Greenhouse Gas Initiative.